Will Ethereum (ETH) Continue Its Rise? On-Chain Metrics and Price Expectations

0
48

The second most popular crypto currency Ethereum (ETH) is trading in a significant bullish cycle. ETH reached an all-time high of $ 4,664 about 16 hours ago. The leading altcoin, which continues its course at the ATH levels, continues its attempts to develop records.

Important Metrics and Price Movements

A correction movement followed after the rise Ethereum, which, according to expert reviews, is aimed at $ 5,000 and above. The price of Ethereum has recorded a rally of approximately 77% since September 21. momentum pointed down after the peak in Ethereum, which has been maintaining an upward trend for more than 40 days. Technical formation predicts a correction, while sales signals are reflected on the charts.

However, with the correction taking place, the bulls may need to test the support level of the 4.421 dollar. a deceleration can be observed to the price band from $ 3.888 to $ 4.222. This retreat, ETHit will set the stage for a move that pushes the . to new heights. Trend-based fibo levels indicated that the rise could last up to $5.163.

ETH in the long-term outlook, the bullish momentum is quite strong and the price is expected to follow bullish sequences up to $7,000 if the $5,000 level is exceeded.

Short-Term Prospects

On the other hand, the model that supports the short-term outlook is MVRV‘dir. This on-chain metric is used to determine the average profit/loss of investors who bought ETH last month. The base index is located at 19, an ETH level recorded on September 1 and October 20. The technical data is in the direction that the Ethereum price has shown a correction to the demand zone of $ 3.888 to $ 4.222.

An important technical indicator confirming this decline is IOMAP model. The stable level of support is located at $ 3,927, of which about 6.59 million addresses have purchased 20.95 million ETH.

You can follow our news on our Telegram channel, Instagram, Facebook, Twitter accounts and Youtube channel.